The demand for formaldehyde is continuously rising due to its increasing use in the production of various resins. These resins are being used in various industries for manufacturing purpose. Formaldehyde is also being used in producing home building products. Formaldehyde is also known for its preservative and anti-bacterial properties. Hence, medical laboratories and some consumer products are also using formaldehyde as a preservative. The global consumption of formaldehyde is increasing as it is being used on a large scale for construction and remodeling activity and furniture production. Due to the excellent thermal and chemical resistance, formaldehyde-based resins are being used in manufacturing airplane and automobile parts. Formaldehyde is also being used in manufacturing anti-infective drugs, hard-gel capsules, and vaccines.
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However, there have been increasing concerns over harmful effects from exposure to formaldehyde on human health. Various studies were conducted to assess the level of risk, however, lack of evidence has resulted in the disagreement regarding appropriate risk assessment for formaldehyde among various unions, government agencies, etc. Moreover, stringent regulations on formaldehyde emissions are also acting as a major restraint in the growth of the global formaldehyde market.
Some of the leading companies in the global formaldehyde market are Johnson Matthey Process Technologies, Foremark Performance Chemicals, Huntsman International LLC, Momentive Specialty Chemical Inc., Dynea AS, Alder S.p.A, Georgia-Pacific Chemicals LLC, Perstorp Orgnr, Celanese AG, and BASF SE.
Global Market for Formaldehyde to Witness Moderate Growth during the Forecast Period 2017-2026
As per the latest study by Transparency Market Research (TMR), the global formaldehyde market is anticipated to experience moderate growth, expanding at 4.8% CAGR during the forecast period 2017-2026. The global formaldehyde market is also expected to reach 36.6 million tons towards the end of 2026.
The global formaldehyde market has been segmented into application, derivatives, end use, and region. On the basis of derivatives, Urea Formaldehyde (UF) resins and concentrates is likely to witness the highest growth in terms of volume throughout the forecast period from 2017 to 2026.
Based on the application, the market is further segmented into resins, drying agents, plasticizers, solvents, fibers, and other chemical intermediaries. Formaldehyde is expected to find the largest application in resins during 2017-2026.
By end use, the market is further segmented into construction, healthcare, automotive, consumer goods, and others. The construction industry is expected to be the largest user of formaldehyde during the forecast period.
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APEJ to Dominate the Global Formaldehyde Market during the Forecast Period 2017-2026
Asia Pacific Excluding Japan (APEJ) is expected to dominate the global formaldehyde market. Emerging economies such as China and India are witnessing a rapid increase in the demand for formaldehyde for use in various industries. There has been an increase in the use of formaldehyde for producing fuel. Countries seeking a cheaper substitute for oil are driving the demand for formaldehyde. Also, increasing number of companies in China are testing formaldehyde to be used in producing fuel. The development and application of fuel produced using formaldehyde is still in the nascent stage. Meanwhile, demand for formaldehyde is also expected to increase in the U.S. Increasing production of laminates, panels, and pentaerythritol in Central Europe, South America, and the Middle East is also expected to drive the market for formaldehyde. The U.S. Food and Drug Administration (FDA) has also approved the use of formaldehyde as an indirect food additive.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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